Now that I still have my kids within arms reach, I am making every effort to instill good habits in them. Savings is one of those habits I deemed necessary to get them to embrace at an early stage, along with, of course, learning about money and its management. My husband and I made poor decisions in the past that put us in debt and left us with regrets. However, I feel that inculcating the habit of saving at this early stage in my kids lives will make a difference, as it may become part of their lives as they grow into adulthood. I wouldn't bore them with investment for now, but only savings because I think they should be of age before we talk about investment. Do you agree or disagree with me?
When I had my first baby, we received lots of money as gifts from friends and family. I remember talking to my husband about opening a kids account for my son so we could save his money gift and continue adding to the account from time to time so that when he grows up and resumes school, we wouldn't have to bother much with his tuition fees, but then he declined the idea. I made the same effort for my second and last baby, but he still did not consider the idea.
So on January 1st this year, I spoke with my kids about money and the importance of savings. I gave them a short tutorial on what money is all about, how it's not easy to make money, and why we shouldn't spend our money extravagantly but rather think of savings in order to save for some unforeseen situation that may arise in the future. I made sure to explain to them in their standard by giving examples.
Knowledge of savings and good money management is essential for children. My kids often get money gifts through their birthdays, Children's Day, Christmas festivities, the New Year, through God, their father and mother, and through friends that visit my home. Whenever this money comes, the first thing they will do is buy chocolates and biscuits and ensure they spend it all that day. Well, it's not wrong to eat chocolate, but letting them understand what really should be their priority and how they should spend money in order to have some little savings that will support them in certain situations in the future is necessary.
It doesn't matter how little the money is, a little drop up water, makes an ocean of course. Now, for every money gift my kids receive, we divide the money into two and save the half in the local piggy bank I constructed while they spend the other half on biscuits, chocolates, and the likes. They now find it fun to save, and sometimes they dream big, imagining when the money will be big enough to get them the type of bicycle they have craved for. All in all, the money in savings as of today is just a dollar 💰plus, but it doesn't matter. What I love most is their understanding of money and how they have come to embrace savings in a fun way.
It's never too early to teach your kids about savings. Money is very important, and having adequate knowledge of money at an earlier stage will go a long way in making a difference in their financial journey.
Thanks for your time on my blog.
